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PE Firms Drop Innkeepers Deal

Chatham Lodging Trust and Cerberus Capital Management have called off an acquisition deal.

    Chatham Lodging TrustandCerberus Capital Managementhave called off an acquisition deal. The firms were to buy stakes in 64 hotels owned byInnkeepers USA Trustand its affiliates.

    The private equity buyers have taken the decision citing a change in Palm Beach, Florida-based Innkeeper’s business as the reason, addsBloomberg. A material adverse effect clause has been exercised to cancel the contract.

    Click here for the release fromPR Newswire.

    Click here for additional coverage fromBloomberg.

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